It can take as little as 7 to 8 days, and up to more than 30 days, to reach a settlement in cases that only involve property damage once negotiations begin between your personal injury lawyer and the appraiser. The insurance company usually has around 30 days to investigate your claim. Your state's statute of limitations will also determine how much time you have to file and resolve a claim. The statute of limitations for insurance claims varies by state, as well as by type of claim.
States often limit the amount of time it can take insurance companies to decide and pay a claim. States have different guidelines, but often insurance companies must decide whether or not to accept a claim in about 30 days and pay it soon after. An insurance company has 10 to 45 days to resolve a claim in most states and, on average, it takes about 30 days to resolve a car insurance claim. For example, New York insurers must pay a claim within 35 business days, while insurers in Virginia must resolve a claim “reasonably quickly.” The average time to file an auto insurance claim is 30 days.
However, how long it takes to fully resolve an auto insurance claim depends on several factors. These can include the seriousness of the accident and any injuries or issues of fault. If you use a repair shop affiliated with (or at least approved by) your insurance company, the process may speed up a bit. The easiest cases will take one to two weeks to resolve.
The more complex ones can take weeks or longer, including delays in scheduling and the time your car will be in the workshop. Of course, you can continue to drive your car, if you can drive it, until the repairs are completed. The time needed to repair other physical damage to your vehicle depends on the complexity of the claim filed. It is normal to receive your first contact with the insurance adjuster between one and three days after filing the claim.
If an adjuster needs to check for damage, it may take a couple more days. Using an auto body shop approved by an insurance company can speed up the process. A simple claim for physical harm is expected to take one to two weeks to complete. This includes coordinating with an auto body shop and scheduling repairs.
If your car can be driven, you can drive it until the repair date.
Insuranceplays a crucial role in protecting our assets and loved ones. The irony here is that people often buy this financial product in the hope of never using it. However, accidents and disasters happen without warning, and when they do, policyholders can be thankful for having taken out the right coverage.
Your insurance coverage will automatically extend to you, but remember that your deductibles will apply if you damage the vehicle. The fact that your car is repaired quickly also plays an important role in being satisfied with your insurance company. If you don't provide all the correct contact information for yourself or for any of the other parties, your request could be delayed. If the cost of damage suffered by a vehicle or property is lower or slightly higher than the deductible amount, it may not make sense to file a claim.
Generally, after a claim, your state will require insurance companies to contact you within a month or more. For health insurance plans that require policyholders to file their own claims, they may have to pay the healthcare provider in advance and send receipts, as well as other relevant documentation, to their insurers. For example, if you filed a claim for the injuries you suffered, you will know the amount of the payment once the claim is resolved. However, if your state doesn't have laws about how long an insurer has to resolve a claim, you probably have no reason to file a lawsuit.
Even if your state doesn't have specific laws that set a schedule for claims, you have the right to have the insurance company pay you quickly and efficiently. Bodily injury claims are the ones that take the longest to resolve because there are several parties involved, such as your doctor, car insurance company, and your health insurance provider. Without a doubt, they will do everything they can to get you filed as quickly as possible, because the insurance company is a company and they don't make money dragging around complicated claims. States also have rules that limit the amount of time you'll have to wait to receive payment after your claim is resolved.
Many states require insurance companies to reach a settlement within 30 to 45 days after accepting the claim. Talk to your insurance provider right now about these same things to get the best possible advice about your situation and your policy. If you've filed a claim and are waiting for that check, it can seem endless; however, there are many factors that affect the length of the claim process. The time it takes to resolve a claim and the time between finalizing the agreement and obtaining the insurance check are two different time frames.